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latest news, updates
& advice from Zeal |
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Newsletter Issue 11
November 2022 |
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October was another busy month for the capital allowances team. We assisted 36 different clients to identify claims, unlocking over £4.9m in unclaimed tax relief. This will result in cash tax savings for our clients of at least £980,000!
Below is a summary of some of the cases we worked on: |
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Purchase of Hotel & Restaurant in Aberdeen
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Refurbishment of a Holiday Let in Wales
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Purchase of Children’s Nursery in Exeter
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| Identified £277,967 as qualifying for capital allowances. |
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Total corporation tax savings of:
£52,814 |
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| Identified £259,514 as qualifying for capital allowances. |
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Total corporation
tax savings of:
£49,307 |
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Identified £36,634 as qualifying for capital allowances.
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Total income tax & NI savings:
£10,623 |
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| Purchase of a Dog Boarding Kennel |
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| Our client purchased a Dog Boarding Kennel in June 2020 for £725,000. A full claim was not possible as the building was bought as an existing business property. This was because the sale had completed and 2 years had now passed, meaning it was to late to make a full claim. However, a restricted claim was possible, resulting in £57,591 of . . . Read more |
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| Zeal carried out a capital allowances review of c.£1m of expenditure incurred over a 5 year period to renovate and extend a hotel in Weston-super-Mare. The client’s accountant had claimed all the basic capital allowances but suggested we carried out a review as well. Our specialist knowledge and experience enabled us to identify an additional £131,277 of expenditure qualifying for . . . Read more |
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Update and review from Adam Spriggs following the House of Lords subcommittee meeting on 14 November:
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| Lords Subcommittee and Budget |
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On Monday 14 November, a House of Lords subcommittee sat to discuss R&D Tax Relief and heard evidence from some sectors utilising it as well as advisors. Following recent reports of large-scale fraud and abuse of the scheme as well as its cost to the treasury, there has never been more of a spotlight on the R&D Tax schemes.
Whilst HMRC increased their R&D workforce by 100+ around 2 years go to allow them to review more claims, and with new measures coming into force from April 2023 around report content and early notification, if companies haven’t previously claimed, these measures alone do not do enough to address the abuse and concerns on the regime. Only a finite amount of the near 90k annual claims is able to be reviewed and there is still finite experienced resource at HMRC, which has led to an increase . . . Read more |
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Zeal TFPI is unique in the way we review schemes. Not only do we look at the whole market and provide a comprehensive overview, but we also conduct a practice specific review of individual scheme performance, taking into consideration cover, claims, premiums and supporting services. This review serves to provide the client with a clear, untainted status of their best options, saving them a huge amount of time, money and effort whilst still giving the practice the final choice of provider.
As best practice, we begin with an initial discovery exchange . . . Read more
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| More ways Zeal can help you . . . |
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In these worrying and financially stressing times, it is imperative that businesses and individuals get expert advice from qualified professionals to secure their financial future.
As accredited partners with Cornerstone Finance Group (CFG), we help our clients benefit from a range of additional high value services and provide the accountancy practice market (and their clients) with a one-stop shop for financial assistance . . . Read more |
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| Unlocking Tax Savings for Caravan Parks |
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Zeal’s capital allowances team attended the Holiday Park & Innovation Show in the NEC, Birmingham at the start of November presenting and exhibiting to park owners.
The benefit of capital allowances for Caravan Parks (including residential home parks) is often overlooked or underclaimed. Working with industry organisations including the British Holiday & Home Park Association (BH&HPA), Zeal have helped Park owners all over the UK unlock significant capital allowances tax savings on the purchase, construction, extension or . . . Read more
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Tax Advisory
Zeal’s tax advisory team also work closely with clients like caravan park owners to ensure they have the most tax efficient structure for their business. Many parks are operated as un-incorporated businesses, which usually means they are paying too much tax! Zeal often help businesses restructure into a corporate entity as it results in lower annual tax charges and also provides the flexibility to plan for the future. A popular option for park owners is to structure the new company with different classes of shares, enabling them to pass on ownership to their family over time, whilst remaining in full control of the company in the short-term.
One of the park owners we helped last month to claim capital allowances on the purchase of their park in 2007, are now going through the process of incorporating their business. Not only will this . . . Read more |
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Speak with one of our tax specialists Now!
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Our experts help businesses across the UK tackle challenging tax
issues. If you find yourself in a position of needing specialist tax advice
we're on hand to help. Let us know when would be a good time for
a chat, and we will call you back.
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As a member of the Chartered Institute of Taxation, and with our own in-house tax specialists, Zeal are ideally placed to support you in providing a complete tax service to your clients. We deliver our services all over the UK, no matter the size of your practice or clients.
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